<h1>RBI's 2011 Account Portability Plan Stalled by PMLA's 10-Year Record-Keeping Rules, Says Finance Minister in Lok Sabha.</h1> The Reserve Bank of India (RBI) established the Damodaran Committee in 2010 to enhance banking services for retail and small customers. The committee recommended allowing customers to retain the same savings account number when relocating to another city or transferring accounts within the same city. The RBI endorsed these recommendations in October 2011 and instructed the Indian Banks Association to implement them. However, the Prevention of Money Laundering Act (PMLA) requirements hinder account portability between banks, as banks must retain client identity records for ten years after the end of the banking relationship. This information was disclosed by the Minister of State for Finance in a Lok Sabha session.